Governments intervention but in the opposite way, after several attempts of bailouts and stimulus packages worth of hundreds of billions of Dollars all in vain till now, governments should revise their methods, enough tax payers monies to bail out giant companies (including banks, automakers, insurance…) who have created this mess in the beginning because of their greedy executives, who also as a fact of irony still receive enormous bonuses despite their companies confirmed losses from the same money tax payers are paying to bail out these companies…! I’m not getting it, who are they trying to fool? It’s only the taxpayers at the end.
Recently, in the news it was announced that AIG is using part of its bailout money to pay bonuses to the same unit that caused the collapse of the AIG shares and made the giant company ask for bailout. Lawyers are claiming that the company is paying contractual payments and is forced to pay these bonuses, ridiculous, insane… Bonuses by definition are paid from profits the company earned during the year, where are these profits? If the company did make profits, why then it’s asking for bailout money? Taiwan proved smarter, http://www.findingdulcinea.com/news/business/2009/jan/Taiwans-Retail-Sector-Stimulus-Plan--Give-Consumers-Spending-Money.html, check it, they paid each of its 23 million residents a voucher worth of $108 to spend on purchases, and make the money flow through its economy, not mentioning supporting national products. Taiwanese example is one, another as I call it: Bailing out citizens: $108 is good enough to buy something, mainly grocery, what about Mortgages? Schooling? Health?…etc. Consolidate the people’s debts, each citizen of a nation is a responsibility of his nation, therefore, the nation which placed laws so flexible that encouraged drowning these citizens. Citizens in debt should avail a financial status certificate as on 31st of January 2009, stating their exact dues in total and all of their exposures including mortgage, personal loans, auto loans, credit cards and whatever else provided under the respective country’s legislation, then the government financial ministry to consolidate all the debts in one single loan to be recovered on a long term basis, 15 to 20 years minimum, of course depending on the amount with also minimal interest rates which should be at most 1% and that interest should be used to pay the cost of paper work and employees under this scheme and not as a punishment to the applicant. If you have one payment a month that covers all your dues and at a very low interest and on a long period of time then you can manage for that monthly payment, otherwise, and obviously you cannot. If you want people to live on the streets, beg for food and deteriorate health standards, then bail out the big guys and leave the poor to suffer. Whatever cost will this be, wouldn’t even touch the cost of running a fleet of aircraft carriers on high alert for a month in a remote area with no importance to nationally security of any country at any time. Give those soldiers a vacation and give world economy a boost and relax the people who elected you. To be . --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Dubai & International Trading Society" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/DubaiTrading?hl=en?hl=en in association with www.buildingarabia.com -~----------~----~----~----~------~----~------~--~---
